Founded in 2005, LanzaTech Global, Inc. has pioneered carbon recycling via microbial gas fermentation, deploying commercial plants worldwide and expanding applications including sustainable aviation fuel through its LanzaJet spinoff. Despite 12.6% revenue growth in 2025 driven by increased licensing and product sales, the company reported continued large operational losses, with net losses of $49 million and negative operating cash flow exceeding $64 million. Its licensing model provides recurring revenues, yet profitability remains elusive amid heavy R&D expenses and cost optimization efforts. Liquidity pressures persist, evidenced by a cash balance of $13.2 million at end-2025 and substantial doubt about its ability to continue as a going concern without significant capital raises or strategic alternatives.